🏦 RRSP Calculator
See how much you can put in your RRSP for 2026, how big a tax refund your contribution earns in your province, and what the account could be worth when you retire.
Quick answer: In Ontario, a $10,000 RRSP contribution on an $85,000 income cuts your tax by about $2,965 (a 29.65% marginal rate); your 2026 room is 18% of last year’s earned income up to $33,810 – $15,300 on $85,000.
Updated · Free · No sign-up · Works on any device
RRSP Calculator inputs
Result
Estimated tax refund
C$2,965.00
for a C$10,000 RRSP contribution in Ontario
| Federal tax saved | C$2,050.00 |
| Ontario tax saved | C$915.00 |
| Total refund | C$2,965.00 |
| 2026 contribution room | C$15,300.00 |
| Net cost of the contribution | C$7,035.00 |
- Marginal tax rate
- 29.65%
- Refund as % of contribution
- 29.7%
- Balance at 65
- C$934,169
2026 federal and provincial brackets with basic credits, CPP and EI on employment income. Room = 18% of last year’s earned income up to C$33,810, minus your pension adjustment, plus unused room. Ontario surtax included; health premiums and other credits are not.
Estimates for educational purposes, not financial advice.
| Year | Contributions | Growth | Balance |
|---|---|---|---|
| Age 36 | C$35,000 | C$1,500 | C$36,500 |
| Age 37 | C$45,000 | C$3,690 | C$48,690 |
| Age 38 | C$55,000 | C$6,611 | C$61,611 |
| Age 39 | C$65,000 | C$10,308 | C$75,308 |
| Age 40 | C$75,000 | C$14,827 | C$89,827 |
| Age 41 | C$85,000 | C$20,216 | C$105,216 |
| Age 42 | C$95,000 | C$26,529 | C$121,529 |
| Age 43 | C$105,000 | C$33,821 | C$138,821 |
| Age 44 | C$115,000 | C$42,150 | C$157,150 |
| Age 45 | C$125,000 | C$51,579 | C$176,579 |
| Age 46 | C$135,000 | C$62,174 | C$197,174 |
| Age 47 | C$145,000 | C$74,004 | C$219,004 |
| Age 48 | C$155,000 | C$87,145 | C$242,145 |
| Age 49 | C$165,000 | C$101,673 | C$266,673 |
| Age 50 | C$175,000 | C$117,674 | C$292,674 |
| Age 51 | C$185,000 | C$135,234 | C$320,234 |
| Age 52 | C$195,000 | C$154,448 | C$349,448 |
| Age 53 | C$205,000 | C$175,415 | C$380,415 |
| Age 54 | C$215,000 | C$198,240 | C$413,240 |
| Age 55 | C$225,000 | C$223,034 | C$448,034 |
| Age 56 | C$235,000 | C$249,916 | C$484,916 |
| Age 57 | C$245,000 | C$279,011 | C$524,011 |
| Age 58 | C$255,000 | C$310,452 | C$565,452 |
| Age 59 | C$265,000 | C$344,379 | C$609,379 |
| Age 60 | C$275,000 | C$380,942 | C$655,942 |
| Age 61 | C$285,000 | C$420,298 | C$705,298 |
| Age 62 | C$295,000 | C$462,616 | C$757,616 |
| Age 63 | C$305,000 | C$508,073 | C$813,073 |
| Age 64 | C$315,000 | C$556,858 | C$871,858 |
| Age 65 | C$325,000 | C$609,169 | C$934,169 |
How to use the RRSP calculator
Pick your province, enter this year’s taxable income (for the refund), last year’s earned income (for your new room) and how much you plan to contribute. Add your current balance, age and expected return to see the projection. Carry-forward room and pension adjustments are under the advanced options.
RRSP room and refund rules (2026)
| Item | 2026 rule |
|---|---|
| New room | 18% of 2025 earned income, max $33,810 |
| Less | Pension adjustment (T4 box 52) |
| Plus | Unused room from previous years |
| Over-contribution buffer | $2,000 (then 1% a month) |
| Federal brackets | 14% · 20.5% · 26% · 29% · 33% |
| Deadline | First 60 days of 2027 |
Refund = tax on income − tax on (income − contribution)
Worked example
An Ontario employee earning $85,000 contributes $10,000. Their income stays in the 20.5% federal and 9.15% Ontario brackets, so the refund is about $2,050 + $915 = $2,965. Their new room is 18% × $85,000 = $15,300.
The calculator uses the 2026 federal and provincial brackets, basic personal amounts, CPP/EI credits, the Ontario surtax and Quebec’s 16.5% federal abatement. Sources: canada.ca – RRSP limits, canada.ca – 2026 tax brackets, Revenu Québec.
Frequently asked questions
What is the RRSP limit for 2026?
Your new 2026 room is 18% of your 2025 earned income up to a maximum of $33,810, minus any pension adjustment, plus unused room carried forward from earlier years. Your exact figure is on your latest CRA notice of assessment.
How is the RRSP tax refund calculated?
An RRSP contribution is deducted from your taxable income, so the refund equals the federal plus provincial tax on the slice of income you deduct – roughly your combined marginal rate times the contribution. A large contribution can cross into a lower bracket, so the calculator computes tax before and after.
What is the deadline for 2026 RRSP contributions?
Contributions made in 2026 or in the first 60 days of 2027 (until 1 March 2027) can be deducted on your 2026 return.
What happens if I over-contribute?
You can be up to $2,000 over your room without penalty. Anything above that is taxed at 1% per month until you withdraw it or new room absorbs it.
RRSP or TFSA – which is better?
An RRSP gives a refund now and is taxed on withdrawal, so it wins if your tax rate in retirement will be lower than today. A TFSA gives no refund but withdrawals are tax-free, which suits lower incomes or money you may need sooner.